Your friend needs to get ready now for the home buying surge

Home buying demand has gone down during the stay-at-home order. Instead of 6 offers on a property, sellers are getting 1 or 2.

But the local news is starting to sound a bit more optimistic and there seems to be a light at the end of the tunnel.

In a few short weeks, I believe a buyer surge is coming.

Your friend who mentioned to you that they are thinking of selling their home should start preparing now for that buyer wave. I can help your friend prepare for the sale of their home.

We can immediately work on figuring out what makes their home so special, the properties unique selling proposition, and who the ideal buyer for the property will be. We can hire a professional photographer and videographer. We can also start running an aggressive pre market social media campaign.

However, I need your help to make this happen.

Tell your friend that you know a awesome real estate agent that can help them out. Give them my cell number, 818-445-7953, and have them text me. I'll take it from there.

My team and I are ready for the surge and can't wait to dominate the real estate market!

You can NOW fix and flip this home in Pasadena. Put in an offer NOW!

Let's put in a low ball offer!

Asking price is $525,000.

This is the cheapest home to sell this week in Studio City

Asking price $1,289,000 sold price $1,265,000

Do you think the back yard is big enough?

See Burbank's newest home to hit the market during the Coronavirus pandemic!

Here is your latest Burbank hills listing.... Asking price is $1,349,000.

Home selling strategy during this pandemic

The stay-at-home order has been extended to 5/15/20😩.

Use this time to strategize and prepare for the sale of your home.

Once the order is lifted, I believe there will be a buying frenzy!

Burbank has had 14 property sales so far in the month of April

From 02/01/20 - 02/16/20, more than a month before the stay-at-home order was put into effect, Burbank had 18 property sales.

This data shows that sales haven't slowed that much in Burbank.

Will home prices fall after the pandemic?

Expect a dip in prices during the pandemic.

Once the stay-at-home order is lifted, I anticipate a buying frenzy.

In my opinion, prices will return to where they were before the pandemic started.

Fewer home inspections show there's less buyer demand

I recently spoke to the owner of a very large home inspection company that serves the entire Los Angeles area.

He said that his company does on averages 450 - 500 inspections a week.

Last week, his company only did 250 inspections.

That's a major drop from their average.

This tells me that demand is way down, however, serious buyers are still snatching up properties.

I expect this trend to continue until the stay-at-home order is lifted.

What an amazing opportunity for buyers to finally not have to go up against so much buyer competition!

In my opinion, there will be a buying frenzy after the order is lifted.

Should I put an offer on a home during the pandemic?

During the stay-at-home order, take advantage of less buyer competition and sellers that are willing to negotiate.

Once the order is lifted, I believe bidding wars will come back and sellers will once again be fully in control.

Get a good deal on a home that listed after 3/20/20

Look at listings that hit the market after the stay-at-home order was put into effect.

Use date 3/20/20 and after.

These home sellers were fully aware when they put their home on the market that the stay-at-home order was in full swing, and they decided to put their home on the market anyway.

This tells me that these homeowners need to sell, are highly motivated, and are ready to negotiate.

If you have been facing bidding wars over the last year... if you are tired of putting in offers over the asking price... now is the time to strike!

Once the order is lifted, I believe the bidding wars will start again and the sellers will be back in full control.

Home prices lower because of the Corona virus?

Some home sellers want to get the deal done and are flexible on their selling price. However, the majority of home sellers are not so flexible.

What I am seeing, based on my own research on the MLS, is that there have been several escrows that have been canceled ever since the stay-at-home order has been issued.

The owners of those homes have either chosen to put their properties back on the market, with the same asking price or have chosen to put their listing on "hold - do not show" status.

Housing data from the National Association of Realtors tend to run about a month behind. Therefore, I expect to get some hard data from them on how today's home prices are currently being affected around May 2020.

Episode 36 of The #AskDanielLosAngeles Show

On this episode, I answer the following four real estate questions:

1) Are home prices lower right now because of the coronavirus pandemic?

2) Should I submit an offer on a home during the pandemic?

3) Will future home prices fall because of the pandemic?

4) What should be my home selling strategy during this pandemic?

We have over 20,000 followers on Instagram... come join us!

Realtors can show properties again

Residential real estate has now joined the list of essential services during the coronavirus crisis.

Agents can now resume showing property, do property inspections, take listing appointments, etc.

These activities must be done in conformity with current health guidelines. Real estate licensees must follow all CDC and local health mandates.

In addition, no open houses should be held and showings should be done virtually, if at all possible.

90-day pause on your mortgage payments

Four of the five largest banks in the U.S. have agreed to let California residents skip mortgage payments for 90 days if they have lost their jobs or are struggling financially due to the coronavirus pandemic.

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with about 200 state-chartered banks and credit unions, voluntarily agreed to waive mortgage payments for California residents who are having trouble paying bills because of the COVID-19 outbreak.

Bank of America has also agreed to waive payments, but only for 30 days👎.

Your mortgage company will not automatically set you up with this plan. You have to call them to sign up!

Previous owner didn't disclose high noise level. Can I sue?

During your inspection contingency period, take a nighttime drive around the neighborhood of the home you are buying.

If you determine the property is in a noisy area, you may want to consider backing out of the deal using your inspection contingency.

Don't wait to see if there is a lot of noise after you close escrow... it will be too late.